LUKoil Withdraws From Iran Project, Citing 'U.S. Sanctions'

Russia's LUKoil has announced its withdrawal from an oil project in Iran because of U.S. sanctions against Tehran, according to Interfax news agency.

In a statement, the Russian oil major says it has pulled out of the Anaran project "due to the impossibility of carrying out further work at the field because of the economic sanctions imposed by the U.S. government."

The Anaran project comprises four oil structures in Iran: Azar, Changuleh-West, Dehloran and Musian. Reserves at the project sites estimated at 2 billion barrels of oil.